Bill No.: HB0038 Drafter: DKG

 

LSO No.: 09LSO-0105 Effective Date: 7/1/2009

 

Enrolled Act No.: HEA0051

 

Chapter No.: 90

 

Prime Sponsor: Select Committee on Local Government Financing

 

Catch Title: Fiscal year for governmental entities.

 

Subject: Creating a uniform fiscal year for governmental entities.

 

Summary/Major Elements:

 

         Most state agencies and many political subdivisions operate on a fiscal year commencing July 1 and ending June 30. But some entities do not.

 

         This bill requires all governmental entities, no matter how formed, to commence their fiscal year on July 1, unless specifically provided or otherwise authorized by law.

 

         Special hospital districts are given until July 1, 2011 to commence their fiscal years on July 1.

 

         The state retirement system is authorized to run retirement programs on a calendar year basis, but must operate its administration on a July 1, fiscal year.

 

         The Department of transportation is authorized to operate on a federal fiscal year basis commencing annually on October 1. It must report revenues and expenditures on a July 1, fiscal year basis commencing 2010.

 

         The state bar association's authorization to operate on a fiscal year commencing October 1 is continued.

 

Comments:

 

Contains delayed effective date allows entities required to shorten or lengthen their current fiscal year operations to select July 1, 2009 or July 1, 2010 to change over.